Between 2014 and 2017, Qian Zhimin allegedly sold unregulated wealth-management products promising guaranteed returns, raising 40.378 billion yuan from more than 102,000 investors. On October 13, 2026, Tianjin prosecutors accepted the confiscation of 61,800 Bitcoin and other assets seized in the United Kingdom as criminal proceeds, opening a six-month window for victims to participate in the proceedings. The High Court in London strengthened the UK government’s chances of retaining most of the £3.8 billion, or approximately $5 billion, in seized Bitcoin after ruling that Chinese fraud victims could not use English law to claim the assets. The confiscation does not automatically transfer the assets to the Chinese government or guarantee immediate compensation for victims, whose losses exceed 19.977 billion yuan.
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